Union Home Minister and Minister of Cooperation Shri Amit Shah today addresses 52nd India Gems and Jewellery Awards ceremony in Mumbai as the Chief Guest
Union Home Minister and Minister of Cooperation Shri Amit Shah addressed the 52nd India Gems and Jewellery Awards ceremony in Mumbai as the Chief Guest. He stated that India is poised to emerge as a global hub for gems and jewellery and highlighted the sector's contribution to the national economy and MSME expansion. During the event, he also discussed broader economic transformations, infrastructure projects, and strategic policy measures supporting the industry.
Why It Matters
Relevant for competitive exams covering national economic developments, government initiatives in trade and manufacturing sectors, and key industrial milestones in India.
In Simple Words
Union Home Minister Shri Amit Shah addressed the 52nd India Gems and Jewellery Awards in Mumbai. He noted that the gems and jewellery sector significantly contributes to India's economy, exports, and MSME growth, with Surat processing nearly nine out of ten cut and polished diamonds globally.
He highlighted government initiatives including tax exemptions for rough diamond trading under the Taxation and Other Laws (Amendment) Act, 2026, the Bharat Ratnam Mega Common Facility Centre, and Free Trade Agreements. He also emphasized capturing the entire value chain in the upcoming lab-grown diamond era.
Key Points
- Union Home Minister Shri Amit Shah addressed the 52nd India Gems and Jewellery Awards ceremony in Mumbai as Chief Guest.
- The awards were initiated by the India Diamond Board in 1975.
- Nearly nine out of every ten diamonds cut and polished in the world are processed in Surat.
- In 2025, the industry reached ₹2.44 lakh crore, accounting to 6.3 percent of India's merchandise exports and employing around 75 lakh people.
- Companies trading in rough diamonds in specially notified areas have been granted income tax exemption for 15 years under the Taxation and Other Laws (Amendment) Act, 2026.
- Prime Minister Shri Narendra Modi inaugurated the Bharat Ratnam Mega Common Facility Centre at SEEPZ, Mumbai.
- The India Jewellery Park is expected to attract an investment of around ₹50,000 crore and generate direct and indirect employment for one lakh people.
- India has entered into Free Trade Agreements with the EU, UAE, Australia, Oman, and the United Kingdom.
Exam Angle
A. Surat
Source: Press Information Bureau